Swedish Stirling AB (PUBL): INTERIM REPORT

Clean tech company Swedish Stirling AB publishes its interim report for 2020 today

Swedish clean tech company Swedish Stirling AB is publishing its interim report for the period 01-01-2020 – 30-06-2020 today. The report is available for download in its entirety on the company’s website. Material events during the second quarter include the following: 

• Total operating income for the quarter was TSEK 11,876 (TSEK 12,303). Earnings per share, before dilution, for the quarter was SEK -0.18 (SEK -0.14).

• Swedish Stirling is implementing an action program in the light of the Corona pandemic and unrest on the world economy. Re-prioritization and postponements of projects have resulted in immediate savings of 1 MSEK/month. The company’s assessment is therefore that free cash flow will remain positive for the upcoming 18 months.

• At Swedish Stirling AB’s extraordinary general meeting on 8 April, the board of directors approved the decision to proceed with a convertible bonds issue for a maximum of 100 MSEK with derogation from the shareholders’ pre-emptive rights. The board also decided to amend the company’s Articles of Association as well as elect David Zaudy as a board member.

• At the general assembly on 24 April 2020, Sven Sahle, Andreas Ahlström, Gunilla Spongh, Erik Wigertz and David Zaudy were re-elected, and Carina Andersson was elected, as board members. Sven Sahle was re-elected Chairman of the Board.

• The general assembly granted the board authorization to decide on a new share issue. The board is now authorized, within the framework of the Articles of Association, on one or more occasions and until the next annual general meeting, to decide on new share issues with or without derogation from the shareholders’ pre-emption rights. It shall be possible to pass such issue-authorizing resolutions with provisions governing contributions in-kind, set-off or cash payment. The maximum increase in share capital entailed by a share issue pursuant to this authorization shall be 30 percent.

• The company hired Dennis Andersson as Head of Global Sales and Marketing and as a member of the company’s management team. The recruitment is an important part of the company’s commercial launch of the PWR BLOK.

Material events after the end of the period:

• Swedish Stirling and Samancor Chrome Limited (“Samancor Chrome”) concluded a memorandum of understanding concerning the installation of up to 135 PWR BLOK units at Samancor Chrome’s smelter, TC Smelter, Ferrometals and Tubatse Alloys.

• Swedish Stirling and Richards Bay Alloys (“RBA”) have concluded a letter of intent concerning the sale and installation of 18 PWR BLOK units at a 7.2MW installation in Richards Bay, South Africa.

• Swedish Stirling and Glencore Operations South Africa Proprietary Limited (Alloys Division) (“Glencore”) entered into a letter of intent regarding installation of an electricity facility with up to 88 PWR BLOKs at Glencore’s smelter Lion.

For further information please contact:

Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30  ir@swedishstirling.com. 

About Swedish StirlingSwedish Stirling AB is a Swedish clean tech company founded in 2008 with a mission to further refine the incomparable ability of Stirling technology to convert thermal energy to electricity. The company’s latest product – the PWR BLOK 400-F – is a unique proprietary solution for recovering energy from industrial residual and flare gases and convert them to 100 % carbon-neutral electricity with high efficiency. The PWR BLOK is – according to independent certification – the cheapest way of producing electricity that exist today and gives greater CO2 savings per invested Euro than any other type of energy source. The company’s shares are listed in Sweden on the NGM Nordic SME. Read more at www.swedishstirling.com
 

This information is information that Swedish Stirling AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:00 CET on August 18 2020.